After Effects' Displacement effect is 2D (x/y only), but with the new GLTF/FBX support, we can achieve proper 3D displacement in C4D or Blender, and import them into AE to animate lights, cameras, and other elements. But we cannot do that with animated displacement, so it's pretty limited.
This is what we could have if AE got a proper 3D Displacement mode: https://superhivemarket.com/products/video-depth-ai
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